Biocomposites Market to Hit USD 53 billion by 2030, says

Selbyville, Delaware, Oct. 05, 2022 (GLOBE NEWSWIRE) — According to a new research report by Global Market Insights Inc., the global Biocomposites Market is projected to cross USD 53 billion by 2030.

The report anticipates the increasing rollouts of several government-backed initiatives toward promoting the utilization of environment-friendly products as a significant factor driving the industry growth during 2022-2030. A dramatic rise in carbon emissions and the accelerating climate change have raised concerns about the future, encouraging governments and policymakers to take necessary measures to ensure sustainability.

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Surging bone implant procedures to push the growth of others segment

Based on the source, the others segment was worth USD 550 million in 2021 and is expected to witness over 9% CAGR between 2022 and 2030. The other biocomposite sources include human tissues and minerals. The growing usage of these materials for several restorative and tissue engineering applications may drive lucrative gains to the industry. Besides, the surge in orthopedic and dental implant procedures may further boost the biocomposites market demand from other sources over the forthcoming years.

Rising environmental consciousness to drive the demand for pure biocomposites

Pure biocomposites segment to account for 29.5% market share by 2030. The growing popularity of environmentally friendly bio-fillers as a potential substitute for inorganic fillers in supplementing biodegradable plastics and thermoplastics may foster product adoption during the forecast timeframe. Also, the increasing number of enterprises seeking eco-friendly materials to reduce costs and environmental impact may further bolster the demand for pure bio-based composites in the coming years.

Browse key industry insights spread across 350 pages with 549 market data tables & 29…